Bitcoin Critique by Saylor Contrasts Views of Warren Buffett, Explained
Experience U.TODAY on Google News In a recent conversation with Ryan Rasmussen, Bitwise Invest's head of research, and Strategy co-founder Michael Saylor expresses his belief that Bitcoin is a "groundbreaking shift" in response to a question about what financial guru Warren Buffett and other skeptics misunderstand about Bitcoin.
Saylor underlines that many individuals failed to understand electricity, radioactivity, or radio waves in the past, suggesting that Bitcoin might hold the same level of impact. "If you've never witnessed it, it's not fair to criticize someone from 1890 for not appreciating the potential of electricity," he says.
According to Saylor, traditional thinkers prefer to avoid being "shocked" or burned.
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Bitcoin contains ten times more energy compared to conventional capital assets. Harnessing its energy could transform the cryptocurrency into a powerful engine for growth for the corporations smart enough to grasp it.
Unsurprisingly, Buffett has been one of the loudest opposers of Bitcoin. Way back in 2018, he labeled Bitcoin as "rat poison squared." As reported by U.TODAY, the billionaire diver, who boasts a jaw-dropping net worth of $166 billion, once declared he'd flat-out refuse to buy all Bitcoins for mere pocket change.
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In brief, Saylor views Bitcoin as a groundbreaking shift analogous to recent disruptive technologies like electricity. In contrast, Buffett stands on traditional ground, viewing Bitcoin as volatile and risky. Saylor's focus on Bitcoin's role as a sustainable store of value paves the way for a broader debate about its position in the global economic landscape.
- Michael Saylor, Strategy CEO, has compared Bitcoin to groundbreaking technologies like electricity, implying that it might hold a similar level of impact.
- Saylor believes that Bitcoin contains ten times more energy compared to conventional capital assets, suggesting that harnessing its energy could transform the cryptocurrency into a powerful engine for growth.
- Despite Saylor's positive stance, financial guru Warren Buffett has been a vocal critic of Bitcoin, once labeling it as "rat poison squared" in 2018.
- Rasmussen, Bitwise Invest's head of research, and Saylor discussed Bitcoin's potential, with Saylor emphasizing that many individuals in the past failed to understand the potential of technologies like radioactivity and radio waves, suggesting that Bitcoin might face a similar misunderstanding.
